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[Cites 0, Cited by 0] [Section 15(b)] [Section 15] [Entire Act]

Union of India - Subsection

Section 15(b)(3) in The Banking Laws (Amendment) Act, 2025

"(3)The State Bank shall transfer, in accordance with the rules made under section 124 of the Companies Act, 2013, to the Investor Education and Protection Fund established under section 125 of the said Act,—
(i)any money which remains unpaid or unclaimed for a period of seven years from the date of its transfer in the Unpaid Dividend Account of the State Bank;
(ii)all shares in respect of which dividend has not been paid or claimed for a period of seven consecutive years, along with a statement thereof containing the details specified in the said rules;
(iii)any interest or redemption amount upon any bond issued by the State Bank which remain unpaid or unclaimed for a period of seven years from the date such interest or such redemption amount became due for payment.